What is the Size of India Catering Service Industry?
India Catering Service market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F.
The India Catering Service Market is largely driven by increasing Urbanization and the increase of tourism in the country.
The India Catering Service Market is largely driven by urbanization and changing lifestyles. There has been a change in the demand for catering services in recent years, supported by the quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events. Furthermore, the market for catering services is growing because of factors including hectic lifestyles and difficulties associated with cooking.
To run a food catering business in India, it is mandatory to obtain the FSSAI license to continue activities related to any stage of manufacturing, storage, packaging, processing, catering services, import and includes catering services, food services, sale of food as well as the sale of food ingredients.
The growing preference among customers for fresher, healthier foods is boosting the worldwide catering services market. The catering service operators have shifted their emphasis to providing healthier meals made in-house using fresh ingredients. The market is expanding because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food.
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India Catering Service Market by type
The India Catering Service market is segmented by Type into Contract catering and non-Contract catering. Non-Contract type was the most dominant type in India Catering Service market in 2022.
India Catering Service Market by Length of Contract
The India Catering Service market is segmented by Length of Contract into Short-Term, 1 year and more than 1 year.
The contract catering services in India were mainly dominated by 1 yearlong contract as they accounted for majority of the share of the catering contracts revenue in 2022 as the customers initially look for good quality catering service. Once satisfied with the services, they tend to renew the contracts after 1 year.
India Catering Service Market by End-user
The India Catering Service market is segmented by End-User into Industrial, Government, In-Flight, Corporate, Education, Event, Healthcare and Others. The event and marriage sector has accounted for the major share of revenue in catering services. The establishment of a large number of malls, schools, companies, colleges, IT parks, factories, and hospitals will widen the scope of the food catering business in India.
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Competition Scenario in India Catering Service Market
India Catering Service Market is in the growing stage, consisting of ~ players (banks and digital payment companies) with just few companies acquitting the major portion of the market. India Catering Service market is fragmented with the manifestation of small, medium and large corporations. Some of the major players in the India Catering Service market are Sodexo, Compass India, Box8, Levy, HungerBox, LSG Sky Chefs, ABC Corp etc.
What is the Expected Future Outlook for the Overall India Catering Service Market?
The India Catering Service market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future
The India Catering Service market is driven by increasing Urbanization and Tourism in the country and also due to changing lifestyles. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The India Catering Services Market is projected to show significant growth in the coming years. It is expected to be driven by quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events. Growing health consciousness such as being vegan and eating green food in Indian cuisines is affecting an individual’s order pattern which is one of the major driving forces.
The growing demand for locally produced fresh farm produce, such as fruits, vegetables, and meat items, is also fueling the catering services market.
In addition, hotels and restaurants are developing novel catering services, which are expected to fuel the catering service industry.
Moreover, the market for catering services will be growing because of factors including hectic lifestyles and difficulties associated with cooking at home. Also, hotels and restaurants are coming up with innovative catering services, which are expected to fuel the catering service industry. The market will also expand because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food. Specialized catering services are increasing in demand as global multinational corporations are quickly expanding in emerging regions of India.
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